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The Worst Tech Mergers and Acquisitions of Recent Times
By siliconindia
Sprint and NEXTEL
In 2004, Sprint and NEXTEL announced their merger to form Sprint NEXTEL Corporation--in a hope to catch up with Verizon and AT&T, but due to tax reasons, the deal was transacted as purchase of NEXTEL communications by Sprint (Sprint purchased 50.1 percent of NEXTEL.) Both the companies had to face opposition to the merger from regional affiliates, who felt that the new company would violate non-compete agreements which the former companies had with the affiliates.
As happens during a merger, problems started creeping in, with the top NEXTEL executives leaving the company after the closure of the merger, and only a handful of key NEXTEL executives remained two years after the merger. Many former NEXTEL middle and upper-level managers cites numerous reasons including cultural differences for leaving the new company.
Between 2008 and 2009, there were thousands of layoffs, losses worth billions, and plummeting in the value of the company's stocks. In 2008, the company wrote down $29.7 billion of the $36 billion Sprint had paid to NEXTEL in 2005, which reflected the depreciation in NEXTEL's goodwill since the date of the acquisition.
